Alston & Bird Consumer Finance ABstract

Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions

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A&B ABstract: The Illinois Department of Financial and Professional Regulation (“IDFPR”) has issued a notice of proposed rules to implement the newly passed Illinois Community Reinvestment Act (“ILCRA”), aimed at serving the credit needs of low- and moderate-income communities and individuals.  The proposal includes a separate set of rules applicable to state-chartered banks, non-depository mortgage lenders, and credit unions.  Each set of proposed rules address topics that include, among … [Continue reading] about Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions

Supreme Court Wrestles with Scope of Attorney-Client Privilege

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A&B Abstract: On Monday, January 9, 2023, the United States Supreme Court heard argument in a case with potentially major implications for companies and individuals alike. In re Grand Jury asks the Court to give trial courts a definitive … [Continue reading] about Supreme Court Wrestles with Scope of Attorney-Client Privilege

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

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CFBP on google search result

A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or judgment imposing … [Continue reading] about CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

New York Amends Disclosure Requirements for Telemarketers

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A&B Abstract: New York Governor Kathy Hochul signed legislation in December designed to limit unwanted telemarking calls by providing consumers the option to be added to a company’s do-not-call list at the outset of a call. The new law takes … [Continue reading] about New York Amends Disclosure Requirements for Telemarketers

38 Attorneys General Ask SCOTUS to Determine the CFPB’s Fate

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A&B Abstract: In November, the Consumer Financial Protection Bureau (“CFPB”) filed a petition for a writ of certiorari in connection with the Fifth Circuit’s recent decision in Community Financial, which held that the CFPB’s funding structure … [Continue reading] about 38 Attorneys General Ask SCOTUS to Determine the CFPB’s Fate